Business Week quizzed financial advisors for tips on how to reduce expenses while boosting savings. Here's our take on the savings tips:1. Cut Utility Bills
Turn off air conditioning, lower the thermostat when possible, turn off lights and buy efficient light bulbs.
2. Cut Back on Eating Out
Bring a bagged lunch to school or work. Eating out rarely costs less than eating at home.
3. Cancel your Gym Membership
The benefits of a gym membership are only worthwhile if you go often. Run outside instead, walk in the park, or play an outdoor sport with a friend.
4. Force Yourself to Save
Trick yourself into saving more. Setup automatic deposits every month from checking to savings and investment accounts. Over time, increase your automatic savings rate.
5. Take an Off-Season Vacation
Luxury Vacation condos can cost dramatically less during the off season. Go camping, stay with friends or visit a low cost location.
Check back tomorrow. We'll roll out five new savings tips each day for the remainder of the week.
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